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Financial News: Mainland Norway Growth Strengthens In Q2

Mainland Norway Growth Strengthens In Q2

08/29/2019 - 08:46:00 (RTTNews)

(RTTNews) - Mainland Norway growth gained momentum in the second quarter, supported by domestic consumption and investments, preliminary figures from Statistics Norway showed on Thursday.

Gross domestic product for the mainland, which excludes shipping and oil and gas extraction, grew 0.7 percent quarter-on-quarter. Economists had expected 0.8 percent growth.

First quarter growth was revised to 0.5 percent from 0.3 percent.

Quarterly growth for the whole of Norway was 0.3 percent in the second quarter after stagnation in the first three months of the year.

Consumption grew 0.4 percent after a 0.5 percent increase in the first quarter. Household consumption rose 0.3 percent. Domestic demand rose 0.5 percent following 0.4 percent growth in the previous three months.

Gross fixed capital formation grew 2.8 percent after a 2.3 percent contraction in the previous quarter. Growth in household investments in the real estate sector slowed to 0.9 percent. Petroleum sector investments grew 7.1 percent.

Exports shrunk 0.3 percent after a 2 percent rise in the previous three months and the growth in imports slowed to 0.4 percent from 3.3 percent.

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